diff --git a/packages/loot-core/src/server/budget/goaltemplates.ts b/packages/loot-core/src/server/budget/goaltemplates.ts
index 6ed7cd47c849fdb67a7ba847e62ceb957659b35a..06a5ef21dffe2718cd9b42f81f09246a543e4e0c 100644
--- a/packages/loot-core/src/server/budget/goaltemplates.ts
+++ b/packages/loot-core/src/server/budget/goaltemplates.ts
@@ -714,8 +714,8 @@ async function applyCategoryTemplate(
   if (limit != null) {
     if (hold && balance > limit) {
       to_budget = 0;
-    } else if (to_budget + last_month_balance > limit) {
-      to_budget = limit - last_month_balance;
+    } else if (to_budget + balance > limit) {
+      to_budget = limit - balance;
     }
   }
   if (
diff --git a/upcoming-release-notes/1448.md b/upcoming-release-notes/1448.md
new file mode 100644
index 0000000000000000000000000000000000000000..c3b52295392d73dcb2da2b849171d8b37134de6a
--- /dev/null
+++ b/upcoming-release-notes/1448.md
@@ -0,0 +1,6 @@
+---
+category: Bugfix
+authors: [shall0pass]
+---
+
+Goals: Fix 'up to' calculation to include current month spending
\ No newline at end of file